banner_ad

composition scheme

This query is : Open 
Profile Image

Profile Image

(Querist)
24 June 2017 Sir I am manufacturing furniture and sale with in punjab. and my sale in 2016- 17 of rs. 40 and and now I have closing stock of rs.15 lac now I am want to opt composition scheme. can I opt composition scheme if yes than status of closing stock tax
Profile Image

CA Rashmi Gandhi

Profile Image

CA Rashmi Gandhi (Expert)
24 June 2017 If you dont have stock of outside state then you can opt for composition scheme.

No credit of stock is available in GST if you opted in Composition
Profile Image

Sudhanshu Jindal

Profile Image

Sudhanshu Jindal (Querist)
24 June 2017 tax liability for closing stock if I have no inter state purchase closing stock but purchase from unregister person app.1 lac
Profile Image

CA Rashmi Gandhi

Profile Image

CA Rashmi Gandhi (Expert)
24 June 2017 No credit available in respect of that as no tax paid on it.
Profile Image

Sudhanshu Jindal

Profile Image

Sudhanshu Jindal (Querist)
25 June 2017 pls referee the section which rescticted us for opt composition scheme if I have closing of interstate purchase goods
Profile Image

CA Rashmi Gandhi

Profile Image

CA Rashmi Gandhi (Expert)
25 June 2017 Check point No.5 in Notification No. 3 /2017 - Central Tax
Ne
Profile Image

Sudhanshu Jindal

Profile Image

Sudhanshu Jindal (Querist)
25 June 2017 so that I have no tax liability on closing stock for deposit tax if I am opt composition scheme
Profile Image

CA Rashmi Gandhi

Profile Image

CA Rashmi Gandhi (Expert)
25 June 2017 Yes.........
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
03 May 2026
Senior Chartered Accountant

Nirmal Jain & Co

New Delhi

CA

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details